We haven’t seen much action in gold this week as the lack of catalysts kept the market at bay. In fact, the price action remains tentative as we head into the US CPI release next Wednesday. Looking at the bigger picture, the Fed’s preference for a higher for longer stance rather than further tightening is more or less neutral for gold, although given the huge rally since the 2000 level it could lead to a slow correction lower. For another sustained rally, gold will need the market to price back in more rate cuts, and that should happen only with much weaker US data or downside surprises in the US inflation figures. Conversely, another reacceleration in the data with hot readings all around w
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